所谓专项债，是为有一定收益的公益性项目发行，以公益性项目对应的政府性基金收入或专项收入作为 还本付息资金来源的政府债券。专项债已经成为地方政府融资的主要政策工具，近些年专项债发行规模 快速攀升，今年新增专项债发行规模高达4.4万亿元。财政部数据显示，截至今年7月底，地方政府专项 债务约35.5万亿元，占整个地方政府债务余额（52.8万亿元）比重达到67%。 如何管好用好这笔巨额专项债资金成为各方关注的焦点。而此次《规定》正是通过完善专项债会计处 理，来推动项目单位规范使用专项债券资金、合理预期财务风险，并通过提交专项债项目投资表及资金 还款情况表，为财政部门、主管部门加强专项债券项目、资金、资产管理提供信息支撑。 如何管好用好这笔巨额专项债资金成为各方关注的焦点。 为了管好用好庞大的地方政府专项债券（下称"专项债"）资金，财政部出台新规。 针对一些专项债项目单位在收到专项债资金时因存在不同的理解和做法，导致部分项目单位的财务指标 不能如实反映其财务状况的问题，近日财政部公布《地方政府专项债券相关业务会计处理暂行规定》 （下称《规定》），规范了专项债项目单位会计核算，从而加强专项债还本付息资金管理及项目资产管 ...

Core Viewpoint - The issuance of local government bonds in August reached 977.6 billion yuan, maintaining strong momentum despite a decline compared to June and July, with special bonds accounting for about half of the total issuance [1] Group 1: Bond Issuance and Utilization - From January to August, the cumulative issuance of new special bonds reached 3.26 trillion yuan, accounting for 74% of the annual quota of 4.4 trillion yuan, with a notable acceleration in issuance since May [2][3] - In August, 44% of the newly issued special bonds were allocated for debt repayment, totaling 212.9 billion yuan, while the cumulative amount for debt repayment from January to August was 968 billion yuan, representing 30% of the total new special bonds issued [2] - The funds from new special bonds are primarily directed towards project construction, including municipal infrastructure, transportation, and social projects, with significant allocations for municipal and industrial park infrastructure [2][5] Group 2: Land Reserve Bonds - The issuance of land reserve special bonds has increased, with a total of 3.24 trillion yuan issued by ten provinces from January to August, with Shanghai leading at 568 billion yuan [3] - Local governments are utilizing special bonds to recover idle land, which helps alleviate financial pressure on developers and promotes stability in the real estate market [3] Group 3: Acquisition of Existing Properties - Some provinces are initiating projects to acquire existing residential properties, with 32 projects identified across four provinces, primarily funded by special bonds [4][5] - The total funding for "stabilizing the housing market" through special bonds reached approximately 595 billion yuan from January to August, making it the second-largest category of funding after municipal infrastructure [5] Group 4: Support for Innovation and Emerging Industries - A significant trend in August was the issuance of special bonds to support government investment funds aimed at enhancing local technological innovation and strategic emerging industries [6][7] - Various provinces, including Beijing and Shanghai, have allocated special bonds to government investment funds, indicating a shift in investment focus from traditional infrastructure to new infrastructure and emerging sectors [7][8]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - Shanghai, Jiangsu and other regions are exploring the use of special-purpose bonds to support government investment funds, with a total scale of 36 billion yuan this year, which helps improve the efficiency of special-purpose bond funds and promote the high - quality development of government investment funds [6][7]. - Beijing has repaid part of its special - purpose bonds ahead of schedule for the third time, which helps save interest expenses and smooth the pressure of debt maturity [6][11]. - This week, 18 urban investment enterprises prepaid bond principal and interest, and the issuance of "25 Nanjing Tiejian SCP002" was cancelled [6][13]. - The issuance and net financing of local government bonds increased this week, with rising issuance interest rates and widening spreads. The issuance of new special - purpose bonds accelerated, and the cumulative issuance of special new special - purpose bonds exceeded 900 billion yuan. The issuance of urban investment bonds decreased, and the net financing scale turned negative [6][16]. - In the trading of local government bonds and urban investment bonds, the trading scale of local government bonds decreased, and the trading scale of urban investment bonds increased. Most of the maturity yields of urban investment bonds increased [28][29]. 3. Summary According to the Table of Contents 3.1 News Review - **Special - purpose bonds support government investment funds**: Shanghai, Jiangsu and other regions are exploring the use of special - purpose bonds for government investment funds. The current disclosed scale has reached 36 billion yuan. Policy space has opened up, and government investment funds are not on the "negative list" [6][7][8]. - **Beijing repays special - purpose bonds ahead of schedule**: On August 20, Beijing repaid 145 million yuan of special - purpose bonds ahead of schedule, which is the third time. It helps save interest expenses and smooth the pressure of debt maturity [11]. - **18 urban investment enterprises prepaid bond principal and interest**: This week, 18 urban investment enterprises prepaid the principal and interest of 20 bonds, with a total scale of 4.789 billion yuan, a decrease compared to the previous period [13]. - **Cancellation of the issuance of "25 Nanjing Tiejian SCP002"**: The planned issuance scale was 700 million yuan. As of August 22, 84 urban investment bonds have been postponed or cancelled this year, with a total scale of 51.076 billion yuan [14][15]. 3.2 Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local government bonds**: This week, 110 local government bonds were issued, with a scale increase of 303.74% to 369.15 billion yuan, and the net financing turned positive. The issuance of new special - purpose bonds accelerated. As of August 22, new special - purpose bonds reached 3.076157 trillion yuan, completing 69.91% of the annual quota. The weighted average issuance interest rate rose by 18.20BP to 2.13%, and the spread widened by 2.69BP to 20.23BP [16]. - **Urban investment bonds**: 167 urban investment bonds were issued this week, with a scale decrease of 13.80% to 105.794 billion yuan, and the net financing turned negative. The overall issuance interest rate was 2.34%, rising by 16.16BP, and the spread was 80.64BP, widening by 11.61BP. Seven overseas urban investment bonds were issued, with a total scale of 5.246 billion yuan [20][21]. 3.3 Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Fund situation**: The central bank conducted 2.077 trillion yuan of reverse repurchase operations in the open market this week, with a net investment of 1.3652 trillion yuan. Short - term capital interest rates mostly rose [28]. - **Credit rating adjustment**: On August 1, Dagong International upgraded the credit rating of Anhui Chuzhou Urban Investment Holding Group Co., Ltd. from AA+ to AAA [28]. - **Credit events and regulatory penalties**: No urban investment credit risk events occurred this week [28]. - **Local government bonds**: The spot trading scale of local government bonds was 34.4287 billion yuan, a decrease of 4.51%. Except for the 1 - year bonds, the maturity yields of other maturities increased [28]. - **Urban investment bonds**: The trading scale of urban investment bonds was 28.955 billion yuan, an increase of 19.38%. Most of the maturity yields increased, with an average increase of 8.01BP. The spreads of 1 - year and 5 - year AA+ urban investment bonds widened, and the spread of 3 - year AA+ urban investment bonds narrowed. There were 15 abnormal transactions of 14 bonds of 13 urban investment entities [29]. 3.4 List of Important Announcements of Urban Investment Enterprises This week, 86 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., including changes in controlling shareholders and actual controllers, equity/asset transfers, cumulative new borrowings, name changes, external guarantees, and changes in business scope [33].

Core Viewpoint - Guangdong Province successfully issued 2.5 billion RMB offshore local government bonds in Macau, marking the fifth consecutive year of such issuances, aimed at supporting regional development and sustainable projects [1][2] Group 1: Bond Issuance Details - The issuance attracted significant interest from commercial banks and investment institutions across multiple regions, including Macau, Hong Kong, Singapore, Malaysia, Thailand, and Indonesia, with a bid-to-cover ratio of 4.7 times [1] - The bonds included three types: a 2-year bond (500 million RMB) at an interest rate of 1.63%, a 3-year bond (1.5 billion RMB) at 1.75%, and a 5-year bond (500 million RMB) at 1.85% [1] Group 2: Purpose of the Bonds - The 2-year bond is the first offshore blue bond, with proceeds allocated for blue projects in the Pearl River Delta, promoting energy conservation and sustainable water resource use [1] - The 3-year bond's funds will support the Hengqin Guangdong-Macao Deep Cooperation Zone and the 15th National Games, facilitating collaboration among Guangdong, Hong Kong, and Macau [1] - The 5-year green bond will finance clean transportation and renewable energy projects in the Pearl River Delta [1]

Core Points - The Shenzhen Stock Exchange announced the listing of the 2025 Jilin Provincial Government Special Bonds (Tenth Issue) [1] - The bonds will be traded starting from August 25, 2025, and have a fixed interest rate for 30 years [1] - The total issuance amount of the bonds is 9.12 billion yuan, with a coupon rate of 2.35% [1]

Group 1 - The Shanxi provincial government is issuing 750 million yuan in government bonds aimed at individual and small institutional investors, with a minimum subscription of 100 yuan, highlighting the bonds as a safe and attractive investment option due to their high yield and limited availability [1][3][7] - The bonds are categorized into general bonds for non-revenue public welfare projects and special bonds for revenue-generating public welfare projects, with repayment sourced from the government's general public budget or specific project revenues [2][4] - This marks the fifth year of issuing local government bonds through commercial bank counters, with a total issuance of 1.76 billion yuan from 2021 to 2024, indicating strong investor interest [3] Group 2 - The bonds will be issued on August 25, with a maturity of five years, and will pay interest annually, with the principal repaid on August 29, 2030, providing a stable income stream for investors [3][4] - Eight banks are authorized to facilitate the purchase of these bonds, making it accessible for ordinary investors, with nearly 1,800 bank outlets available for transactions [5][6] - The bonds are backed by government credit, rated AAA by third-party agencies, ensuring high safety and low risk, appealing to investors seeking secure investment options [7][8]

Core Viewpoint - China's fiscal policy has become more proactive this year, with a series of measures aimed at enhancing people's livelihoods, promoting consumption, and boosting economic momentum, as highlighted in the recent Central Political Bureau meeting [1][7]. Fiscal Revenue and Expenditure - In the first half of the year, the national general public budget revenue reached 11.56 trillion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter. Meanwhile, expenditure was 14.13 trillion yuan, an increase of 3.4% [1][3]. - Local general public budget revenue was 669.77 billion yuan, growing by 1.6%, with 27 out of 31 provinces reporting growth [1][2]. Investment and Consumption Promotion - The issuance of government bonds has accelerated, with a total of 7.88 trillion yuan issued in the first half, a year-on-year increase of 35.28%. Special bonds for consumption support have also been issued, with 690 billion yuan allocated for consumption upgrades [4][6]. - The "old-for-new" consumption initiative has led to significant sales in various sectors, with total sales reaching 1.6 trillion yuan, contributing to a 5% year-on-year increase in total retail sales of consumer goods [5][6]. Social Welfare and Local Government Support - The central government has increased transfer payments to local governments, with a total of 103.415 billion yuan allocated, reflecting an 8.4% increase year-on-year. This aims to enhance local financial capacity and support basic livelihood guarantees [7][8]. - New policies for early childhood education and direct cash subsidies for families with young children are set to benefit millions, with an estimated increase in national fiscal expenditure of around 200 billion yuan [6][7]. Future Outlook - The Central Political Bureau meeting emphasized the need for continued macroeconomic policy support, with a focus on maintaining spending strength to promote consumption and investment, thereby stabilizing and developing the macro economy [7][8].

Group 1 - The core announcement is regarding the listing of the 2025 Shaanxi Province local government refinancing general bonds (Phase V) on the Shenzhen Stock Exchange, which will begin trading on August 11, 2025 [1] - The total issuance amount of this bond is 6.50512 billion yuan, with a fixed interest rate of 1.79% and a maturity period of 10 years [1]

Core Points - The U.S. Treasury auctioned four-year and eight-year government bonds with a winning yield of 4.290% for both maturities, reflecting an increase from the previous auction yields of 4.245% and 4.265% respectively [1] - The bid-to-cover ratio for the four-year bonds was 2.63, slightly down from the previous ratio of 2.69, while the eight-year bonds had a bid-to-cover ratio of 2.52, also lower than the prior 2.63 [1]

Group 1 - The Guangdong Provincial Government plans to issue offshore RMB local government bonds in the Macao Special Administrative Region in 2025 [1] - The total scale of the bond issuance is set to not exceed 2.5 billion yuan [1] - The maturity period for the bonds will not exceed 10 years [1]